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Many grandparents planning on passing inheritance to grandchildren

23 Mar 16

70% of grandparents are planning on leaving an inheritance to their grandchildren, while 55% will ring fence the money to ensure it is passed on, according to research by SunLife (SL).

Half of the grandparents surveyed enjoyed spending time with their grandchildren more than they do with their own children. This has led to the decision for grandparents to pass on their will directly to their grandchildren.

SL also found:

• 80% of grandparents provide some form of childcare to their grandchildren, ranging from babysitting, school runs and day care• grandparents spend an average of £62 a month on their grandchildren • the most popular things bought for grandchildren are days out, toys and books.

Overall grandparents do to not discourage spending money on their grandkids, however a third dislike the idea of having to cover for school and travel expenses.

Ian Atkinson, spokesman at SunLife, said:

"It's not news that grandparents love their grandchildren and are more than willing to help out with childcare - but it is interesting to see that actually, almost half feel put upon at least some of the time. And the fact that over two thirds plan to leave an inheritance direct to their grandchildren shows how much they're in their thoughts.

"Of course, if you are planning to leave your grandchildren an inheritance, it's important to have an up-to-date will. Without one, the law will decide what happens to your estate so your wishes might not be met."